In recent years valuations of cultural goods and services have been undertaken using the contingent valuation method, because of its flexibility and the advantages it affords over other methods of valuing non-market goods. Yet, in contingent valuation literature few studies have addressed
the reliability of the outcomes. This is the goal of the current paper, which presents the results of anapplication of the contingent valuation method to a new museum of contemporary art (Museo Patio Herreriano de Arte Contemporáneo [Spanish Contemporary Art Museum] in Valladolid, Spain).
The method was applied at two different times: prior to its opening and after some years. We thus aim to contrast the evolution of preferences and willingness to pay (WTP) estimates at different points in time using bootstrap techniques. Estimations were performed using non-parametric methods
and the outcomes reflect stability for valuations made by visitors to the museum but not for the valuations given by residents of Valladolid.
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willingness to pay
Document Type: Research Article
Department of Financial Economics and Accounting,University of Valladolid, Valladolid, Spain
Department of Applied Economics,University of Valladolid, Valladolid, Spain
Publication date: January 1, 2012
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